The Philippine government is moving to review a nearly 30-year-old law that liberalized its oil industry, as officials seek greater control over soaring fuel prices. The move comes amid concerns that global oil market volatility, particularly related to the Iran war, has pushed prices to levels threatening economic stability.

Energy officials argue the existing framework has left the country vulnerable to international price shocks without adequate domestic policy tools. The liberalization law was originally designed to attract investment and improve efficiency in the sector, but policymakers now question whether it has adequately protected consumers from price volatility. Government sources indicate the review will examine whether regulatory mechanisms can be strengthened.

The timing reflects broader regional concerns about energy security and affordability. As the Philippines grapples with inflation pressures, policymakers see revisiting the law as a potential tool to stabilize fuel costs. The review process is expected to take several months, with officials emphasizing the need to balance market dynamics with consumer protection.